 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
Accrual vs cash basis accounting
M3-2 Reporting Cash Basis versus Accrual Basis Income: LO1, LO2
-------------------------------------------------------------------------------- Mostert Music Company had the following transactions in March: 1. Sold instruments to customers for $10,000; received $6,000 in cash and the rest on account. The cost of the instruments was $7,000. 2. Purchased $4,000 of new instruments inventory; paid $1,000 in cash and owed the rest on account. 3. Paid $600 in wages for the month. 4. Received a $200 bill for utilities that will be paid in April. 5. Received $1,000 from customers as deposits on orders of new instruments to be sold to the customers in April. Complete the following statements: |
||||
|
||||
|
Please see the guidelines for posting homework problems:
https://www.askmehelpdesk.com/financ...-b-u-font.html |
||||
| Question Tools | Search this Question |
Add your answer here.
Check out some similar questions!
In its first year of operations, Harden Co. earned $39,000 in revenues and received $33,000 cash from These customers. The company incurred expenses of $22,500 but had not paid $2,250 of them at yearend. Harden also prepaid $3,750 cash for expenses that would be incurred the next year. Calculate...
I am having a bit of trouble understanding this question in regard to determining assets and expenses for accrual and cash basis accounting:On March 1, 2003, a company paid a $16,200 premium on a 36-month insurance policy for coverage Beginning on that date. Refer to that policy and fill in the...
In its first year of operations, Harden Co. earned $39,000 in revenues and received $33,000 cash from These customers. The company incurred expenses of $22,500 but had not paid $2,250 of them at yearend. Harden also prepaid $3,750 cash for expenses that would be incurred the next year. Calculate...
Forllowing transactions in March. Do both cash basis and accrual basis income a) Sold instrument to customers for $10,000; received $6000 in cash and the rest on account. The cost of the instrument was $7000 b)Purchased $4000 of new instrument inventory;paid $1000 in cash and owed the rest on...
In the first year of operations, Harden Co. earned $39,000 in revenues and received $33,000 cash from this customers. The company incurred expenses of $22,500 but had not paid $2,250 of them at year-end. Harden also prepaid $3,750 cash for expenses that would be incurred the next year. ...
View more questions Search
|
